Boustead Projects’ profits drop 7% to $22.9m in FY16

Battered by raised expenses, tough retail landscape.

Weighed down increased overhead and finance costs, Boustead Projects’ (BP) profits in FY16 tumbled 7% YoY to $22.9m.

According to the company’s media release, BP was also slammed by the challenging and competitive retail landscape.

BP further asserts that profits were hit by an increased share of loss of an associated company and joint ventures. This comprises mainly of elimination of construction profits attributable to projects which BP entered into with an associated company and JVs.

For 4Q16, BP reports that earnings sank 31% YoY to $5.4m.

Meanwhile, revenue for fiscal year came in at $255.5m, which is comparable to the previous year. For Q4, revenue surged 22% YoY to $59.4m.

Looking ahead, BP states it will continue to pursue mergers and acquisitions. It will also focus on opportunities to boost the business domestically, regionally, and across different real estates sectors and clusters.